By OGJ editors
HOUSTON, Nov. 22 -- Natural gas prices fell for a second consecutive trading session on Nov. 21, while US crude futures and heating oil rose on forecasts of cold weather in the US Northeast and Midwest.
Trading was light in anticipation of the Thanksgiving holiday Nov. 24.
Mild weather so far this winter has suppressed US oil and gas prices since September. Crude oil futures in New York reached 5-month lows after hurricane-related damages and production disruptions sent crude futures to more than $70/bbl in August (OGJ Online, Nov. 21, 2005).
Energy prices
The January contract for benchmark US light, sweet crudes climbed 49¢ to $57.70/bbl Nov. 21 on the New York Mercantile Exchange, and the February position rose by 51¢ to $58.39/bbl. On the US spot market, West Texas Intermediate crude jumped $1.06 to $57.21/bbl.
The December natural gas contract fell 8.3¢ to settle at $11.33/MMbtu. On Nov. 18, gas had plunged by 52.8¢ to settle at $11.41/MMbtu.
Heating oil for December delivery rose by 1.33¢ to $1.7095/gal on NYMEX. However, gasoline for the same month dropped 0.47¢ to $1.4573/gal.
In London, the January contract for North Sea Brent crude climbed by 46¢ to $55.34/bbl on the International Petroleum Exchange.
The average price for OPEC's basket of 11 benchmark crudes climbed 66¢ to $50.15/bbl on Nov. 21.
